With the listing, SpaceX management will traditionally ring the bell when the Nasdaq Stock Exchange opens for trading on Friday.
Brokerage IG's grey market, or off-exchange trading, of SpaceX indicates that the stock will rise at least 30 percent when regular trading begins. The average IPO gain for the last 66 tech companies listed in the United States is 36 percent, according to a Bloomberg report.
But it will probably take a while to match all buyers and sellers before the stock can actually be purchased. According to The Wall Street Journal, banks and traders are expecting turbulent price developments, as such a large proportion of SpaceX shares on Nasdaq have been distributed to small savers.
If the price moves more than 10 percent up or down, temporary trading pauses will be used to calm the market.
75 billion in new capital
Small investors have bid more than $70 billion for the stock, which is to be listed on the Nasdaq Stock Exchange in New York. Added to that will be bids from about 1,000 institutional investors, Bloomberg reports.
In an early tally, before SpaceX closed subscription for the stock, the news agency reported there had been just over four bids per share.
In the IPO, SpaceX - whose full name is Space Exploration Technologies Corp - is issuing 555.6 million shares at $135 per share. This will raise $75 billion in new capital for the company, which, in addition to selling space transportation, includes the Starlink satellite business, the social network X (formerly Twitter) and the AI service Grok.
OpenAI and Anthropic on the way
The total value of SpaceX - part of Tesla founder Elon Musk's empire - based on the issue price is around $1.8 trillion ($1,800,000,000,000). Converted to kronor - at a rate of 9.53 kronor per dollar - it is almost 17.2 trillion.
The valuation is therefore 92 times the company's revenue, according to the Financial Times. For other stock market heavyweights such as Nvidia and Broadcom, the values are 19.7 and 24.6 times revenue, respectively.
SpaceX's entrance on Wall Street is expected to be followed by two more major IPOs in the near future: ChatGPT creator OpenAI and Claude creator Anthropic, both of which have applied to the US Securities and Exchange Commission (SEC) for permission to list their shares on Wall Street.
